I’m weighing whether to increase the rent on a London property after 88 days of considering it. The tenant pays £2,445 a month, while comparable market rent appears to be around £2,983. They always pay on time, report maintenance issues early and take good care of the home, so I place real value on keeping them.
I don’t want the £538 monthly gap to keep widening, but a change of tenant would bring possible vacancy, turnover costs, deposit administration and the risk of losing someone reliable. I’m considering either a modest, predictable increase, leaving the rent unchanged for now, or agreeing improvements alongside a future rent review. Any increase would also need to follow the applicable local notice and tenancy rules.
How have others balanced this in practice? Completed examples from London would be especially useful: what increase did you agree, how long had the tenant been in place, and did they stay?
I don’t want the £538 monthly gap to keep widening, but a change of tenant would bring possible vacancy, turnover costs, deposit administration and the risk of losing someone reliable. I’m considering either a modest, predictable increase, leaving the rent unchanged for now, or agreeing improvements alongside a future rent review. Any increase would also need to follow the applicable local notice and tenancy rules.
How have others balanced this in practice? Completed examples from London would be especially useful: what increase did you agree, how long had the tenant been in place, and did they stay?